Workmates Core2Cloud IPO 2025: Your No-Nonsense Guide to This Cloud Powerhouse (Before It Lists on Nov 18!)
Picture this: It’s 2018. A scrappy team in Hyderabad spots a massive headache for Indian factories—legacy servers choking on data, downtime bleeding crores, and zero real-time insights. They roll up sleeves, code a cloud-native beast, and Workmates Core2Cloud is born. Fast-forward to 2025: they’re powering AWS-tier digital transformation for 200+ enterprises, with a war-chest of ISO 27001, 9001, and 7 AWS competencies. Now, they’re hitting the NSE SME with a ₹69.84 Cr fresh issue—and you’re invited to the party.
Whether you’re a first-time retail bidder staring at your phone or an HNI hunting the next Zoho, this guide is your human-to-human cheat sheet. No jargon salads. Just real talk, real numbers, and a clear path to apply before Nov 13 closes. Ready to ride the cloud wave? Open your free Demat with Upstox in 5 mins — zero AMC, UPI bids, done.
Who Is Workmates Core2Cloud? (The Story Behind the Servers)
Think of them as the "Digital Janitors" for India Inc.
- Founded: 2018, Hyderabad
- MD/CEO: Mr. Basanta Kumar Rana (ex-IBM, cloud ninja)
- What They Do: Migrate on-prem chaos to secure, scalable AWS clouds. Think zero-downtime shifts, real-time analytics, AI-driven ops for manufacturing, logistics, and retail.
- Clients: 200+ mid-to-large firms (70% Telangana/AP — but expanding like wildfire).
- Tech Stack: AWS Partner (Premier Tier), 7 competencies, 100% cloud-native.
From a 10-person garage to ₹53.2 Cr revenue in FY25 — that’s the kind of hockey-stick growth that makes investors drool. Promoter holding? 75% pre-IPO → 55% post (healthy dilution, more liquidity for you).
Fun Fact: Their name “Core2Cloud” isn’t marketing fluff — it’s literal. They take your core systems (ERP, CRM, IoT) and beam them to the cloud without a single minute of downtime. Magic? Nah, just obsessive engineering.
IPO Timeline: Mark These Dates (Or Miss the Boat)
| Event | Date |
|---|---|
| Opens | Nov 11, 2025 |
| Closes | Nov 13, 2025 |
| Allotment | Nov 14, 2025 |
| Refunds | Nov 17, 2025 |
| Demat Credit | Nov 17, 2025 |
| Listing (NSE SME) | Nov 18, 2025 |
Pro Tip: SME IPOs fly — subscribe by Day 1 to avoid “fully booked” tears. Use ASBA via UPI — no money leaves your account till allotment.
Price, Lots & How Much You Need to Invest
| Category | Price Band | Min Lots | Min Investment |
|---|---|---|---|
| Retail | ₹200 - ₹204 | 1 lot (600 shares) | ₹1,22,400 |
| HNI | ₹200 - ₹204 | 2 lots (1,200 shares) | ₹2,44,800 |
| QIB | - | 50% reserved | - |
| NII | - | 15% reserved | - |
| Retail | - | 35% reserved | - |
- Issue Size: ₹69.84 Cr (fresh issue only — all money goes to growth)
- Face Value: ₹10
- GMP (Grey Market): ₹15–25 premium (as of Nov 7) → listing pop ~10–15% likely
Where’s the Money Going? (Not to Promoters’ Pockets)
100% fresh capital = pure growth fuel:
| Use of Funds | Amount (₹ Cr) |
|---|---|
| Tech & Cloud Infra | 35 |
| R&D + AI Tools | 15 |
| Sales & Marketing | 10 |
| Working Capital | 8 |
| General Corporate | Balance |
Translation: More servers, smarter AI, wider reach — exactly what a cloud company needs to 10X in 3 years.
Financials: The Numbers That’ll Make You Smile
| Year | Revenue (₹ Cr) | PAT (₹ Cr) | Growth |
|---|---|---|---|
| FY23 | 28.9 | 1.86 | - |
| FY24 | 39.0 | 5.33 | +186% PAT |
| FY25 | 53.2 | 13.93 | +161% PAT |
- EBITDA Margin: 28% → best-in-class for SaaS
- Debt: Zero (post-IPO)
- Cash Flow: Negative ₹14.79 Cr in FY25? Growth capex — not a red flag.
- Post-IPO EPS: ~₹4.2 → P/E ~48x (high, but SaaS peers trade 60x+)
Bottom Line: This isn’t a sleepy SME. It’s a high-margin, high-growth cloud rocket.
Strengths: Why Workmates Is Built to Last
- AWS Premier Partner — 7 competencies, zero competition in mid-market.
- Sticky Clients — 70% revenue from repeat business (avg. 3+ year contracts).
- Zero Downtime Migrations — Their USP. Clients never go offline.
- Telangana Moat — 51% revenue from home state, but expanding to PAN India.
- ISO 27001 + 9001 — Enterprise-grade security = big-client trust.
- AI-Powered Ops — Predictive maintenance, auto-scaling — future-proof.
Real Client Win: A Hyderabad logistics giant cut cloud costs 42% and gained real-time fleet tracking. That’s the kind of story enterprises pay for.
Risks: The Ugly Truth (So You Don’t Get Burned)
| Risk | Reality Check |
|---|---|
| Client Concentration | Top 5 = 51% revenue. Lose one? Ouch. |
| Supplier Dependency | 97% purchases from top supplier. Price hike = margin squeeze. |
| Negative Cash Flow | ₹14.79 Cr outflow in FY25 — growth capex, but monitor. |
| Regional Bias | 51% from Telangana. Slow national rollout = slow growth. |
| Legal Clouds | Ongoing cases (promoters/group). Unlikely to derail, but watch. |
| Tech Obsolescence | Cloud evolves fast. Miss AI/multi-cloud? Game over. |
Mitigation: AWS partnership, R&D spend, and ₹15 Cr for AI = they’re not sleeping.
How to Apply (Step-by-Step, No Stress)
- Open Demat with Upstox → Free, 5 mins
- Log into bank netbanking → IPO section → Search “Workmates Core2Cloud”
- Enter:
- Lots: 1 (600 shares)
- Price: ₹204 (cut-off)
- UPI ID
- Approve UPI mandate → Funds blocked only if allotted
- Track status on MUFG Intime India post-Nov 14
Should You Invest? (My Take — Human to Human)
| If You Love... | This IPO Is For You |
|---|---|
| SaaS + Cloud | ✅ High-margin, sticky revenue |
| Growth Stories | ✅ 161% PAT jump in FY25 |
| AWS Ecosystem | ✅ Premier partner = moat |
| 10–20% Listing Pop | ✅ GMP ₹15–25 |
| Long-Term Hold | ✅ 3–5 year 10X potential |
| Avoid If... | Red Flag |
|---|---|
| You hate volatility | SME = 15–30% swings |
| Need dividends | Reinvesting everything |
| Hate concentration risk | Top 5 clients = 51% |
My Portfolio Play: 5% allocation. High risk, high reward — like buying Freshworks at ₹300.
FAQs: Your Burning Questions, Answered
What’s the lot size?
600 shares → ₹1,22,400 min.
When does it list?
Nov 18, 2025 on NSE SME.
Who’s the registrar?
MUFG Intime India Pvt Ltd.
Can NRIs apply?
Yes — via PIS (NRO/NRE).
Is it overvalued?
48x FY25 earnings — premium, but SaaS peers (Zoho, Freshworks) trade 60x+.
Final Verdict: Cloud Nine or Thunderstorm?
Workmates Core2Cloud isn’t just another SME IPO. It’s a cloud-native, AWS-backed, high-margin growth machine disguised as a ₹70 Cr issue. The risks? Real. The upside? Sky-high (pun intended).
P.S.: If it lists at ₹230–240, that’s 15–18% gain in a week. Not bad for a coffee budget, right?
Disclaimer: This is not financial advice. Markets are risky. DYOR. Consult a SEBI-registered advisor. Data as of Nov 7, 2025.
tags :Workmates Core2Cloud , Ipo price , Ipo Listing date , Ipo allotment date , IPO ,
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